This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 61 matches

Go to advanced search

by solange
Sun May 26, 2019 11:58 am
Forum: Property Taxation
Topic: Accruals Basis Accounting and Timing of Quotes
Replies: 6
Views: 233

Re: Accruals Basis Accounting and Timing of Quotes

Sorry for yet another addition to my previous 2 posts, but I have also read that a quote would provide a legal obligation, providing I had accepted it, which I did, regardless of whether work had started or not.
by solange
Sun May 26, 2019 11:25 am
Forum: Property Taxation
Topic: Accruals Basis Accounting and Timing of Quotes
Replies: 6
Views: 233

Re: Accruals Basis Accounting and Timing of Quotes

I have also based this using hmrc manual pim1011 and pim2040 When are expenses included in the profit and loss computation? Expenses are also brought into the tax computation using normal accountancy principles and are the converse of the approach to receipts. This means that you deduct any allowabl...
by solange
Sun May 26, 2019 7:01 am
Forum: Property Taxation
Topic: Accruals Basis Accounting and Timing of Quotes
Replies: 6
Views: 233

Re: Accruals Basis Accounting and Timing of Quotes

Thanks for your kind reply bd6795.

Can I not use the quote even if the work had started?

I account using the accruals basis ,and the quote is the only evidence I have as binding obligation,

Obviously there will be an invoice coming in the next few months.
by solange
Fri May 24, 2019 8:45 am
Forum: Property Taxation
Topic: Accruals Basis Accounting and Timing of Quotes
Replies: 6
Views: 233

Accruals Basis Accounting and Timing of Quotes

Hi Hoping someone can help. I have buy to let properties and I am just doing my self assessment. I account using the accruals basis. I have a property that needs a new kitchen but also ceiling repairs. I do have an inspection report from my letting agent, carried out in December 2018, stating the ki...
by solange
Thu Mar 01, 2018 7:03 am
Forum: VAT & Excise Duties
Topic: VAT Fraud by Letting Agent - Please Help
Replies: 2
Views: 1006

VAT Fraud by Letting Agent - Please Help

Hi Guys Just wondering if someone could help. I think my letting agent could be committing vat fraud, they have been charging me commission on contractors invoices. My statement states the following: invoice by abc contractors for work done - £193.60 (no vat as abc contractors is not vat registered)...
by solange
Sun Jan 21, 2018 1:24 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 2 NI Help for a Landlord
Replies: 2
Views: 624

Re: Class 2 NI Help for a Landlord

Thanks for your reply amansood. It was actually the time I was in the uk I am concerned about. I think I should be paying class 2 for that period, 2006 to 2013, despite the letter saying I owed class 3, as I meet the business criteria for nic purposes. So my questions are Would I be penalised for no...
by solange
Sun Jan 21, 2018 8:15 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Class 2 NI Help for a Landlord
Replies: 2
Views: 624

Class 2 NI Help for a Landlord

Hi Everyone Hoping someone could help. So I started my property business in 2006, after leaving work. I have built up a portfolio of 11 properties, last one added in 2013. I managed the properties myself and continued to seek adding to my protfolio throughout those years. I left to go abroad part wa...
by solange
Sun Oct 08, 2017 7:02 pm
Forum: Property Taxation
Topic: Allowable expenses - legal fees?
Replies: 4
Views: 9999

Re: Allowable expenses - legal fees?

Thank you for your kind reply rmc, I understand the position now.

Commissions were over charged so that's interesting.

Thank you once again!
by solange
Wed Oct 04, 2017 2:07 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Paying NI from abroad - class 2 or 3?
Replies: 1
Views: 44741

Paying NI from abroad - class 2 or 3?

Hi Guys I live abroad and I want to top up my ni contributions for my pension and phoned the DWP. They told me I needed to fill in an overseas ni contributions application form - all good so far.Whilst in the uk I had in excess of 10 rental properties. This was my only job. I managed the day to day ...
by solange
Sun Oct 01, 2017 11:59 am
Forum: Property Taxation
Topic: Allowable expenses - legal fees?
Replies: 4
Views: 9999

Re: Allowable expenses - legal fees?

Agent was late, by up to month, in passing over rents , but aside from a minor amount never failed to pass over rent. Agent failed to carry out repairs but I was never sued by a tenant as I left them in a matter of months and got repairs sorted promptly before that could happen. Rude but not homopho...

Go to advanced search